Tanger Inc. (NYSE: SKT) reported fourth‑quarter and full‑year 2025 results that surpassed consensus expectations. Earnings per share rose to $0.63 from a consensus estimate of $0.59, while revenue climbed to $160.3 million against a consensus of $143.4 million. The company also highlighted record leasing activity, with 630 leases executed in the twelve months ended December 31 2025, covering 3.1 million square feet—up from 532 leases and 2.4 million square feet in the prior year. Occupancy remained high across its portfolio of outlet and lifestyle centers.
The earnings beat can be attributed to a combination of strong leasing momentum, high occupancy, and pricing power reflected in a blended rent spread of 9.5 % on a cash basis, including a 28.3 % spread on re‑tenanting and a 6.5 % spread on renewals. These factors helped the company maintain profitability while expanding its portfolio, and the disciplined cost structure mitigated the impact of any inflationary pressures.
Revenue growth was driven by the same leasing and occupancy dynamics. The record volume of new leases and the ability to command premium rents in a supply‑constrained retail environment translated into higher top‑line performance. The company’s focus on strategic merchandising and tenant mix optimization further supported revenue gains, reinforcing the demand for its outlet and lifestyle formats.
Management guided for adjusted FFO per share of $2.41 to $2.49 for 2026, signaling confidence in sustaining leasing momentum and occupancy while maintaining disciplined capital deployment. The company also confirmed a quarterly dividend of $0.2925 per share, payable on February 13 2026 to holders of record as of January 30 2026.
Stephen Yalof, President and Chief Executive Officer, said, "I am pleased to report another strong quarter, capping a productive year and positioning Tanger for continued growth in 2026. Our differentiated platform continues to deliver meaningful internal and external growth." He added, "We achieved record annual leasing volume, advanced our strategic merchandising initiatives, and strengthened our occupancy, all of which reflect the confidence brands have in partnering with Tanger." Yalof further noted, "Additionally, we are benefitting from powerful demographic and economic catalysts across our markets, reinforcing our position as the focal points of thriving, dynamic communities. With a flexible balance sheet that we further strengthened in early 2026, a solid leasing pipeline, and growing momentum across our platform, Tanger remains well‑positioned to create long‑term value for our stakeholders."
The results underscore Tanger’s continued ability to attract and retain tenants in a competitive retail landscape. Record leasing activity, high occupancy, and robust rent spreads demonstrate the company’s pricing power and operational efficiency. The guidance and dividend reaffirm management’s confidence in the company’s strategic trajectory and its capacity to generate sustainable cash flow for shareholders.
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